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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2004
 Commission File #0-6072 EMS TECHNOLOGIES, INC.   Georgia
    
    58-1035424(State or other jurisdiction of
incorporation or organization)
    
    (IRS Employer ID Number)
 660 Engineering Drive Norcross, Georgia
    
    30092(Address of principal executive offices)
    
    (Zip Code)
 Registrants Telephone Number, Including Area Code: (770) 263-9200
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, $.10 par value
(Title of Class) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days: Yes þ No o Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is
not contained herein, and will not be contained, to the best of registrants knowledge, in
definitive proxy or information statements incorporated by reference in Part III of this Form 10-K
or amendment to this Form 10-K: þ Indicate by check mark whether the registrant is an accelerated filer (as defined by Rule 12b-2 of
the Act): Yes þ No o The aggregate market value of voting stock held by persons other than directors or executive
officers on July 3, 2004 was $203 million, based on a closing price of $18.51 per share. The basis
of this calculation does not constitute a determination by the registrant that all of its directors
and executive officers are affiliates as defined in Rule 405. As of March 10, 2004, the number of shares of the registrants common stock outstanding was
11,164,421 shares. OMISSION OF CERTAIN
ITEMS AND INFORMATION In reliance on Rule 12b-25,
the Registrant has omitted Items 6, 7, 7a, 8, 9, and 15(a) 1 and
2, as well as certain information called for by Items 1, 9A and
15(a)3. DOCUMENTS INCORPORATED BY REFERENCE Certain information contained
in the Companys definitive proxy statement for the 2005 Annual
Meeting of Shareholders of the registrant is incorporated herein by reference in Part III of this
Annual Report on Form 10-K. AVAILABLE INFORMATION EMS Technologies, Inc. makes available free of charge, on or through its website at www.ems-t.com,
its annual, quarterly and current reports, and any amendments to those reports, as soon as
reasonably practicable after electronically filing such reports with the Securities and Exchange
Commission. Information contained on the Companys website is not part of this report.   1 of 29




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TABLE OF CONTENTS  Part IITEM 1. BusinessITEM 2. PropertiesITEM 3. Legal ProceedingsITEM 4. Submission of Matters to a Vote of Security HoldersPART IIITEM 5. Market for Registrants Common Equity and Related Stockholder MattersITEM 6. Selected Financial DataITEM 7. Managements Discussion and Analysis of Financial Condition and Results of OperationsITEM 7a. Quantitative and Qualitative Disclosures about Market RiskITEM 8. Financial Statements and Supplementary DataITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial DisclosureITEM 9A. Controls and ProceduresPART IIIITEM 10. Directors and Executive Officers of the RegistrantITEM 11. Executive CompensationITEM 12. Security Ownership of Certain Beneficial Owners and ManagementITEM 13. Certain Relationships and Related TransactionsITEM 14. Principal Accountant Fees and ServicesPART IVITEM 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-KSIGNATURESEX-4.1 EMS TECHNOLOGIES, INC. STOCKHOLDER RIGHTS PLANEX-4.3 REVOLVING CREDIT AGREEMENTEX-4.4 SECURITY AGREEMENTEX-4.5 PLEDGE AGREEMENTEX-4.6 FORM OF NOTEEX-4.7 AMENDMENT NO.1 TO REVOLVING CREDIT AGREEMENTEX-4.8 CANADIAN REVOLVING CREDIT AGREEMENTEX-4.9 CANADIAN SECURITY AGREEMENTEX-5.0 DEED OF MOVABLE HYPOTHECEX-5.1 CANADIAN INTELLECTUAL PROPERTY SECURITY AGREEMENTEX-5.2 PLEDGE AGREEMENTEX-5.3 TRADEMARK SECURITY AGREEMENTEX-5.4 PATENT SECURITY AGREEMENTEX-5.5 FORM OF NOTEEX-5.6 AMENDMENT NO.1 TO CANADIAN REVOLVING CREDIT AGREEMENTEX-10.15 EXECUTIVE ANNUAL INCENTIVE COMPENSATION PLANEX-10.19 FORM OF SPLIT-DOLLAR LIFE INSURANCE AGREEMENTEX-21.1 SUBSIDIARIES OF THE REGISTRANT    Table of Contents  
 Part I. 
 ITEM 1. Business GENERAL SUMMARY EMS Technologies, Inc. (the Company or EMS) designs, manufactures and markets products that are
important in many kinds of wireless communications. The Company focuses on the needs of the mobile
information user, with an increasing emphasis on broadband applications for high-data-rate,
high-capacity wireless communications. The Company is organized into
five reportable business segments: Defense & Space Systems, LXE, EMS
Wireless, SATCOM and SatNet. Each segment is separately managed and comprises a range of products
and services that share distinct operating characteristics. However, the Company believes that one
of its competitive strengths is the technological and marketing synergy that occurs among the
segments, as well as among the Companys various product lines. The Company believes that this
synergy creates a path to broader markets for highly advanced technologies developed for niche
markets in space and defense.  1.
    Defense & Space Systems (formerly Space &
Technology)This segment, which was renamed at the beginning of 2005, manufactures custom-designed, highly engineered hardware for use in space
electronics (both commercial and defense satellite applications), and aerospace (both commercial
and defense electronics applications). Orders in this segment typically involve long-term
contracts with development and production schedules that can extend a year or more, and most
revenues are recognized under percentage-completion accounting. The
Defense & Space Systems segments
products are sold primarily to space and defense prime contractors, governmental organizations
and commercial communications systems providers.A major source of business is the defense electronics market. The Company believes that
applications for secure communications, surveillance, and electronic counter-measures will
continue to offer opportunities that are well-suited to the Companys unique technology base and
its considerable experience on such programs.In the third quarter of 2003, EMS announced that its Board of Directors had approved a formal
plan to seek to sell the Companys commercial space operations located in Montreal. As a result,
all of the activities, operations and financial results of the Montreal commercial space
business, which had been included in the Defense & Space Systems segment in prior years, were moved
to discontinued operations for all periods presented in the Companys consolidated financial
statements.2.
    LXEThe LXE business is conducted through a wholly owned
subsidiary, LXE Inc., which manufactures
rugged mobile computers and wireless local area network (LAN) products for logistics and
other enterprise applications. Typical uses include real-time data communications on inventory
movement in a large warehouse, manufacturing facility, or container yard. The manufacturing
cycle for each order is generally just a few days, and revenues are recognized upon shipment of
hardware. Hardware is marketed to end-users and to third parties that incorporate their products
and services with the Companys hardware for delivery to end-users.3.
    EMS WirelessThe EMS Wireless segment manufactures base-station antennas and repeaters for PCS/cellular
communications systems. The manufacturing cycle for each order is generally just a few days, and
revenues are recognized upon shipment of hardware. Hardware is
marketed primarily to wireless service
providers and to original equipment manufacturers (OEMs) for mobile voice/paging services, as
well as for other emerging high-speed wireless systems. 2 of  29




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4.
    SATCOMThe SATCOM segment is a division of the Companys wholly owned Canadian subsidiary, EMS
Technologies Canada, Ltd. (EMS Canada), and manufactures earth-based antennas, terminals and
other hardware for communications via satellite link. Typical applications include voice/data
communications aboard corporate jets, high-speed data systems for military applications,
search-and-rescue systems that use alerting via satellite and tracking/messaging for long-haul
trucks. The manufacturing cycle for most orders is generally just a few days, and revenues are
recognized upon shipment of hardware. Hardware is marketed primarily to third parties who incorporate
their products and services with the Companys hardware for delivery to end-users.5.
    SatNetIn mid-2002, the EMS Satellite Networks (SatNet) division was formed as a result of the
Companys strategic emphasis on the development of broadband technologies for use in
high-data-rate, high-capacity satellite communication systems. This segment focuses on high
speed, two-way Internet via satellite hubs and terminals that use the DVB-RCS open standard
pioneered by EMS. The manufacturing cycle for each order is generally 30 to 60 days, and
revenues are recognized upon shipment of hardware. Hardware is marketed to third parties that
incorporate their products and services with the Companys hardware for delivery to end-users.6.
    Discontinued OperationsIn 1999, the Company added expertise in space systems, payload integration and ground terminal
technologies by acquiring the Space Systems and Products Division of Spar Aerospace Limited,
based in Montreal. This division (now the Space and Technology/Montreal division of EMS Canada)
has long been a leading participant in the Canadian and international commercial and civil
space industries. It has produced payloads and full antenna systems for major communications and
remote sensing satellites, as well as robotics for NASAs Space Shuttle and the International
Space Station. In the third quarter of 2003, EMS announced that its Board of Directors had
approved a formal plan to sell this business. As a result, all of the activities, operations and
financial results of the Montreal commercial/civil space business were moved to discontinued
operations for all periods presented.The Space & Technology/Montreal business designs and manufactures innovative satellite
communications products. These products include satellite systems, subsystems and components
that address the need for reliable, high-speed communications. The products marketed and
manufactured by this business comprise the following lines: space
systems, antenna products, and
electronic products for space.The discussion of the Companys business set forth in this Item is qualified by the materials
appearing below under the headings Risk Factors and Forward-Looking Statements. BACKGROUND In its Defense & Space Systems segment, the Company has developed strong expertise in microwave
components and subsystems over a period of more than 35 years. In the mid-1970s, the Company
pioneered the use of ferrite materials for electronic beam-forming. Electronic beam-forming
networks (BFNs) allow a satellite to steer and adjust the shape of its antenna pattern. BFN
technology was originally used in military communication satellites to avoid interference from the
ground. This segment also produced the first all-electronic switch matrix to provide flexible
interconnectivity between microwave uplink and downlink channels in communication satellites. The core technologies of the Defense & Space Systems segment are directly applicable to a range of
current defense applications, including line-of-sight communications, radar, signal intelligence
and electronic countermeasure systems. These applications are generally referred to as information
dominance. Further, the Defense & Space Systems segment has produced highly-engineered antenna,
signal-management, and signal processing hardware that are used in numerous mission-critical weapon
systems. In the early 1980s, the Company sought to diversify its predominantly defense-related business
base by moving into commercial markets. As a result, the Company used its expertise in wireless
technologies to develop the LXE product line of wireless mobile computers and network products. By
communicating with the host computer 3 of  29




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network in real-time, these LXE products enhance the productivity of mobile workers and improve the
accuracy and timeliness of transaction-processing data. LXEs principal market is for material
management functions in warehouses and distribution centers (the logistics market), including
container ports and intermodal facilities. A major factor in the long-term growth of the logistics market and the LXE product line
has been expanding use by many industries of more advanced information technologies, including
wireless networking, enterprise software and auto-identification technologies (such as bar-coding
and RFID). The EMS Wireless segment includes PCS/cellular base station antennas and repeaters. The leading
antenna products in this line employ polarization-diversity technology. These antennas allow
cell-site tower structures that are simpler, less expensive, and less obtrusive than conventional
antenna towers. In addition, these antennas offer superior coverage and resistance to
signal-fading, as compared with networks with conventional vertically-polarized antennas. The
Company also offers a line of repeaters and in-building products, as well as a full line of
lower-priced, conventional antennas for both cellular and PCS networks. These infrastructure
products, along with a family of accessory products, are marketed
primarily to service providers and to OEMs
domestically and internationally. The Company has also established an industry-leading position in the market for mobile earth-based
SATCOM (satellite communications) antennas and terminals. The initial SATCOM products were
developed for international search and rescue, in which satellite technology helps locate downed
aircraft or ocean-going ships in distress. The most successful component of the Companys current
SATCOM product lines was developed for advanced communications by corporate jets. In these
aeronautical applications, the Companys antennas are mounted atop the jets tail fin and are
automatically steered to remain pointed at a communications satellite during flight; these systems
provide voice, data and video communications via satellite. The Company has introduced other SATCOM products, including (1) a high-speed data product and
variants to provide both voice and data connections with speeds up to 256 kbps, (2) land portable
satellite data terminal products, which allow access to corporate networks and the Internet from
anywhere in the world, either at the standard ISDN speed of 64 kbps, or at speeds of up to 128
kbps, using the Inmarsat satellite network, (3) a packet-data terminal to provide two-way real-time
data communications for messaging, tracking and monitoring in the transportation, public safety and
remote industrial controls markets, and (4) a maritime high-speed terminal for digital
communications at sea over the Inmarsat network. SATCOM has also made initiatives with software
products used for incident management for search-and-rescue applications with customers around the
world. EMSs SatNet division
originated from the Defense & Space Systems segment, which had been studying the
implementation of multimedia satellite systems since 1993. In 1994, EMS was commissioned to study
the feasibility of developing new satellite system architectures built upon the existing DVB
broadcast standard. The intent of the study was to pave the way for two-way satellite Internet
access through a central satellite ground hub gateway. This study led to the development by EMS and
others within the satellite industry of a satellite return channel concept based on
multi-frequency TDMA and a set of scheduling algorithms designed for the emerging multimedia
environment. The resulting DVB Return Channel System (DVB-RCS) air interface standard was adopted
by the European Telecommunication Standards Institute in 2000. In 2002, EMS created the SatNet
division, initially within its Defense & Space Systems segment to focus on this new business
opportunity. SatNet has now deployed more than 40 systems worldwide. SatNet supplied Societe Europeene des
Satellites (SES), the worlds largest satellite service provider, with its Broadband Interactive
Return Link Sub System (RLSS), which has subsequently been included as part of the Satlynx joint
venture with Gilat, SES and Alcatel. SatNet has also signed an agreement with Alcatel Space, to
integrate EMS RLSSs into systems being marketed and delivered worldwide. SatNet has developed multiple
generations of its satellite interactive user terminal and continues
to upgrade the product. The first
generation was deployed in 2000 with EMSs first demonstration hub in Europe. EMS is now offering
an enterprise model (Series 2000), and a professional model (Series 3000). Both the Series 2000 and
the Series 3000 are available in various transmit/receive frequency bands (e.g. Ku/Ku, Ka/Ku, etc).
As a result of enhanced design and improved manufacturing techniques, these new terminals have a
significantly lower cost than those from earlier generations, which has enabled EMS to offer
terminals at prices consistent with most legacy VSAT offerings. 4 of  29




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MARKETS AND PRODUCTS Defense & Space
Systems Markets The Company believes that its Defense & Space
Systems business will be able to make significant
contributions in defense systems of national importance, such as secure satellite communications,
secure intelligence and imagery collection satellites, advanced electronic warfare, radar, and
secure line-of-sight communications. These systems are applied across space, airborne, terrestrial
and naval domains. Many such systems are being newly developed or significantly upgraded as part of
the U.S. Department of Defense transformational communications and information dominance
initiatives. European defense ministries are also pursuing significant new and upgraded systems. EMSs base of technologies, including ferrite ceramics for microwave radio frequency management,
and advanced antennas for low-observable aircraft, are well suited to many advanced defense
applications. As a result, EMS continues to supply hardware to important U.S. and international
military programs for communication, sensing and surveillance. The Companys products are incorporated in a number of significant weapon and defense systems such
as the F/A-22 (air dominance fighter), B-2 (stealth bomber), Phalanx (Close-in Weapon System),
Advanced EHF (military communication satellites), Joint Common Missile (advanced airborne missile
system), Special Operations Forces Aircraft (Suite of Integrated RF Counter-Measures Subsystems),
Naval Maritime Terminal (US Navy satellite communications terminal), Skynet 5 (United Kingdom
military communication satellites), and National Polar Orbiting Environmental Sensing System (US
Government weather satellite). Additionally, EMS products are also used in a selection of technology-based commercial/civil
ventures such as LiveTV (direct broadcast television reception on commercial aircraft), DirecTV
satellites (direct broadcast television programming in North America), XM Radio (direct broadcast
radio in North America), COSMO (Italian imagery satellites), and SARLupe (German imagery
satellites). Defense & Space
Systems Products Through its Defense & Space
Systems segment, the Company designs and manufactures innovative microwave
products for space and defense applications. This segments products comprise three main lines:  1.
    Ferrite components,2.
    Electronic subsystems, and3.
    Antenna systems.  Ferrite Components EMS pioneered the use of ferrite materials in space and defense systems. Ferrite products provide
phase and amplitude control of communications signals. The design, development and manufacture of
ferrite products require considerable specialized in-house capabilities. These products include
ferrite circulators, isolators, phase shifters, switches and switching networks, and
transmit-receive networks. Ferrite products are integrated into satellite, shipboard, ground-based
and airborne applications, including direct broadcast, direct audio, commercial and military
communications, earth observation, multimedia, and defense systems. The Companys ferrite products
have been utilized in XM Radio, DirecTV, ENVISAT, CloudSAT, Anik F2, TDRSS, MILSTAR/AEHF, F-14,
F-16 and B-2.  Electronic Subsystems The Companys electronic subsystems are an integral part of many space systems. These subsystems
control the microwave communications signals processed in satellites and spacecraft, and include
switch networks, beam-forming networks, auto-track modulators, and solid-state power amplifiers.
The Companys microwave subsystems have been utilized in
Intelsat, Telstar, DSCS, ACTS and MILSTAR/AEHF. 5 of  29




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This segment has developed unique signal processing capabilities that are key to advanced
electronic warfare systems. These capabilities, combined with our antenna, ferrite, and microwave
products, create significant subsystems in aircraft electronic protection suites. Major programs
that use these products include AN/ALQ-172 Low Band, and AN/ALQ-211 Suite of Integrated RF
Countermeasures (SIRFC). In addition, this segment has developed and manufactures the radar
illuminator subsystems that provide directed radar energy used to assist the tracking and control
of land-based rocket systems.  Antenna systems The Companys aeronautical antenna systems are used in a variety of commercial and military
aircraft. The multi-channel commercial aircraft video system, which is now deployed with airlines
based in New York, Denver, and Calgary combines the Companys
antenna system with electronics and small flat-panel
video screens installed in each seat back. The aeronautical antenna used in the USAF
F/A-22 air dominance fighter combine the Companys antenna with modem and signal processing
equipment on the aircraft to enable an intra-flight datalink capability between aircraft. The
antenna subsystems in unmanned aerial vehicles combine the Companys antenna with modem and signal
processing equipment on the aircraft to enable satellite communication links and/or
line-of-sight datalinks. The Defense & Space
Systems segment has developed and is actively marketing terrestrial antenna systems for ground
vehicles. The antenna systems are combined with modem and signal processing equipment on board
ground vehicles such as HUMVEEs and tanks, to enable various functions such as satellite
communications, line-of-sight communications, and combat identification while on the move. LXE Markets Major technological advances and changes in the regulatory environment have led to the development
and proliferation of wireless data networks that extend the reach of
existing hard-wired networks.
Wireless local area networks (LANs) now accommodate notebook, pen-based, and other handheld
computers, as well as rugged computers mounted on vehicles, such as forklifts. By providing network
connectivity for mobile users, these products increase the accuracy, timeliness and convenience of
data collection and information access. In the past, wireless LAN systems were developed for
operation using proprietary narrow-band UHF radios at 450 or 900 MHz. Current wireless LAN systems
comply with open system (IEEE 802.11) standards and operate at data rates of 11 Mbps at 2.4 GHz.
Evolving IEEE 802.11-based products increase data transmission rates to 54 Mbps in both the 2.4 GHz
and 5.7 GHz bands. The development of these advanced products and widespread adoption of the 802.11
wireless LAN standard is creating new applications in established industrial markets and in other
vertical markets, such as transportation and service applications. The Companys rugged computers and wireless LANs have been installed at more than 6,500 sites
world-wide, including the facilities of many Fortune 500 companies and some of the worlds largest
materials-handling installations. LXE Products The Companys wireless data systems, which generally incorporate barcode scanning or other
auto-identification capabilities, are increasingly based on the IEEE
802.11 open-system standard
and feature rugged mobile computers specifically designed for demanding industrial environments. A
typical system consists of mobile computers that incorporate wireless LAN radios and
auto-identification capabilities, network access points that provide a radio link to the wired
network and host computers, and software that manages and facilitates the communications process. 6 of  29




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 Mobile Computers The Company offers several types of mobile computers, all of which utilize radio frequency
technology:  1.
    Hand-held mobile computers are small and lightweight, and are available in several
form factors with varying degrees of ruggedization; and2.
    Vehicle-mounted mobile computers are larger, heavy-duty products for use on
forklifts, cranes and other mobile materials handling equipment.
These products can also be used in
fixed positions where network cabling is impractical, or in cart-mounted solutions using a
self-contained battery and power supply. All mobile computers incorporate built-in radios that operate on wireless networks using either the
IEEE 802.11 network standard at 2.4 GHz, or a licensed, narrowband frequency. The Companys mobile
computers incorporate Intel® processors that allow support for terminal emulation, client-server,
or browser-based applications. The Companys latest generation of mobile computers has significantly more computing power than
previous models, as well as improved power-management features and
superior ergonomics. The MX series 3 mobile handheld computer support the Windows® CE.Net operating system and offer many of the
performance features of a desktop PC in a handheld computer. The VX series of vehicle-mounted computers
feature even better environmental specifications and ruggedization, and includes models that
support both the Windows® XP and CE.Net operating systems.  Wireless Networks The wireless communications link between a mobile computer and a host network consists of: (1) a
series of access points that are attached to a customers hardwired network at appropriate
locations, and (2) wireless transceivers located in each mobile computer. The access points connect
the wireless network to the hardwired network. The wireless transceivers act as wireless LAN
interface cards. LXE provides and supports wireless network equipment compatible with the existing IEEE 802.11
standards, as well as its proprietary system at 900 MHz. LXE also offers a complete suite of
supporting products and services for its wireless networks, including wireless network management
tools, wireless security tools, facility analysis, installation and support.  Host Connectivity Software LXE also provides terminal emulation software and communications gateways that allow any of LXEs
mobile computers to interface seamlessly to a customers legacy applications. LXEs host
connectivity software supports UNIX, IBM midrange, and IBM mainframe legacy systems.  Other Products and Services In addition to the basic system hardware and software, the Company offers a wide range of accessory
products and services, including barcode scanners, battery chargers, portable printers, pre- and
post-sale professional services, and repair and maintenance services. EMS Wireless Markets National and international infrastructure for terrestrial-based wireless communications has
expanded since the mid-1990s to support growing worldwide demand, although the infrastructure
build-out has slowed from its peak achieved in about the year 2000. The demand for wireless communications
has been fueled by:  
    decreasing prices for wireless handsets,
    a more favorable regulatory environment, 7 of  29




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
    greater competition among service providers, and
    more availability of services and RF spectrum. In addition, many developing countries are installing wireless telephone networks as an alternative
to installing, expanding or upgrading traditional hardwired networks. Emerging wireless data
applications may also expand the market by allowing service providers to increase
revenue-generating traffic on their networks. Specific technological trends have also affected the wireless industry. For example, in the late
1990s the continuing growth of the wireless communications market strained the capacity of
traditional analog cellular systems that can carry only one call per channel of radio spectrum. As
a result, most service providers have installed digital equipment to increase per-channel capacity
by factors ranging from three to eight. In addition, service providers have constructed PCS digital
networks that operate at twice the frequency level of cellular systems; this provides the greater
bandwidth necessary for an expanded range of voice and data services. However, PCS technology
requires smaller cells than analog technology and, as a result, approximately four times the number
of base stations to complete its geographical build-out. The Company is a preferred supplier to the leading wireless service providers in North America, and
based on industry analysts reports, and information from customers and other distribution-channel
participants, the Company believes that it is, for North American PCS/cellular communications
systems, the leading supplier of base station antennas of the types designed and manufactured by
the Company. The Company has manufacturing facilities in Brazil, from which it is also exporting to
other South American countries and to Eastern Europe. In addition to technical performance of the antennas, key competitive factors in this market are
manufacturing capacity and ability to provide quick turnaround time in response to an order. The
Company believes its turnaround times are among the fastest in the industry. EMS Wireless Products The Company has developed several advanced base station antennas for the PCS/cellular wireless
infrastructure market and has a line of repeaters and other wireless signal distribution products.  Dual Polarization Antenna Products The Companys DualPol antenna utilizes polarization diversity to combine the functionality of
three vertically polarized antennas (two receive and one transmit) into a single, compact device.
With fewer antennas required, DualPol technology allows the supporting antenna tower to be much
smaller and less expensive than for a traditional PCS/cellular antenna site, which must support the
weight and wind-loading of a large mounting structure atop the tower. An increasingly important
factor in establishing the location of a cell site is the aesthetics of the tower structure. Unlike
traditional vertical-polarization cellular antennas, the Companys DualPol antennas can be mounted
in a very compact configuration that can fit on top of existing utility poles, or be disguised, for
example, in a clock tower. The mounting flexibility benefits the service provider in obtaining site
approvals, and lowers installation and structure costs. Further, these antennas offer superior
coverage and resistance to signal-fading, as compared with networks with conventional
vertical-polarization antennas. The Companys AcCELLerator antenna combines multiple DualPol antennas pre-packaged in a compact
cylindrical enclosure that provides the same multi-sector coverage as a large, nine-antenna,
spatially diverse base station, yet with a less visually obtrusive structure. The Companys Micro AcCELLerator antenna is a much smaller version of the AcCELLerator, and was
originally designed to help a service provider gain zoning approval for new cell sites. Micro
AcCELLerator antennas provide a complete, three-sector cell site in a highly integrated package as
small as six inches in diameter, which is mounted atop an unobtrusive monopole. This configuration
led to a line of custom site solutions consisting of the micro version of the AcCELLerator in an
aesthetically pleasing mounting fixture (most often used atop a light pole) that has application in
shopping malls and office centers. 8 of  29




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 Vertical-Polarization Antenna Products The Companys lower-cost vertically polarized antennas apply beam-shaping techniques of amplitude
and phase weighting to achieve the most effective antenna performance for specific applications.
The Companys OptiFill antennas are designed for use in a typical crowded coverage area. These
antennas utilize null filling, upper sidelobe suppression and electronic down tilt to lower
co-channel interference, reduce the number of dropped calls, and improve sound quality. The
Companys OptiRange antennas are designed to maximize gain, and are useful in systems that have
large cells, such as rural areas or initial urban system roll-outs with a small number of base
stations.  Repeaters and Other Wireless Signal Distribution Products The 2001 acquisition of a small manufacturer of repeaters and other wireless signal distribution
products provided two new product lines from which we are starting to see growth. The first product
line enables carriers to extend indoor RF coverage through the use of indoor repeaters and
fiber-optic-based RF distribution systems. One example of this is our Select-a Cell product,
which provides an easy and economical means to provide wireless coverage in small, borderline
coverage areas. Customers simply plug it in and experience improved coverage. The Company has continued to see an increase in the demand for indoor RF coverage solutions. The
expanded data services now offered by the wireless carriers requires a higher RF signal strength to
maintain quality service. This higher signal strength requirement coupled with the inherent signal
losses associated within buildings and other structures require that an RF distribution system be
used to maintain service quality. In many cases an RF indoor repeater drives the RF distribution
systems. The second product line helps carriers extend their coverage in rural areas or uneven terrain
through the use of outdoor repeaters. Rural areas are typically characterized by low call density
and inconsistent signal strength. In these situations, it is not cost effective for the wireless
carrier to install a new base station to increase the coverage footprint. A cost-effective solution
for the wireless carrier is to use outdoor repeaters to expand its coverage footprint. Repeater products can also provide other cost efficiencies. A typical base station uses an
expensive T1 data line to transfer the telephone calls from the base
station back into the hardwired
network for all call routing backhaul service. The
Companys DataNex product is a wireless
backhaul solution that utilizes a portion of the unused PCS frequency spectrum that the
wireless carrier already owns for backhaul services, thereby eliminating the expense of installing
and maintaining a T1 connection to the base station. This product has undergone several successful
trials and is gaining market acceptance. SATCOM Markets The first aeronautical systems for telephony utilized a ground-based network. These networks were
not only limited in the voice quality of their communications, but they were unable to provide
coverage over water for international travel. Evolution of aeronautical telephony involved a
special antenna aboard the aircraft that allowed the use of satellite transmissions, not only for
voice but also for limited data and fax capabilities. Reflecting the need for mobile communications
in the business world, aeronautical satellite communications systems of some type are now commonly
used in corporate jets and commercial airlines around the world. Current developments are directed
towards higher-speed satellite-based video and Internet-access applications. The market acceptance
of the Companys HSD-128 high-speed data products has positioned EMS as a market leader for this
application, serving both military and commercial applications. The Company believes that it is the top supplier of antennas for voice/data communications aboard
corporate aircraft, with an over-90% share of this market. To date, there are more than 1,000 EMS
installations on over 50 different types of aircraft. The Company has contracts with Rockwell
Collins, Honeywell and Bombardier  the industrys largest users of general aviation communications
equipment. In addition, the Company supplies over 90% of all Inmarsat Airborne High Speed Data
systems used by the U.S. military. 9 of  29




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The Company has also pursued opportunities in the land mobile market. The Company offers two types
of satellite terminals; satellite packet data terminals and GAN (Global Area Network) terminals.
The GAN satellite data terminal products allow access to corporate networks and the Internet from
anywhere in the world, either at the standard ISDN speed of 64 kbps, or at speeds of up to 128
kbps, using the Inmarsat satellite system. More recently, the Company has been successful in
deploying its land-based high-speed data products into the U.S. and certain European military
organizations. These systems have been particularly useful in supplying data communications to
mobile command posts. Packet data terminals are used in functions such as tracking and two-way
messaging for transportation or public safety, or remote monitoring of industrial process controls.
A growing concern in this market is that terminals utilize an open architecture that would be
compatible with other communications systems. The Companys satellite packet data terminal
(PDT-100) addresses many of this markets needs, with its compact size, strong and reliable
performance, and open architecture. For over two decades, satellite-based emergency alerting systems have saved lives and led to the
safe recovery of thousands of disaster and accident victims. One of the worlds largest
search-and-rescue systems is COSPAS-SARSAT, sponsored by Canada, France, Russia and the U.S. The
COSPAS-SARSAT satellites continuously listen for distress transmissions, determine the location of
those transmissions, and provide alerts to search-and-rescue
operations around the world. The Company
believes that it is a leading provider to COSPAS-SARSAT search-and-rescue systems of ground station
equipment, including high-performance terminals that handle a systems vital communications
function. SATCOM Products The Companys SATCOM line of products includes the following:  Aeronautical Antennas The Company has developed a family of aeronautical communications products, including an
industry-leading Inmarsat antenna, the AMT-50, which is a mechanically-steered antenna that is
connected to an aircrafts navigational system and automatically remains directed toward a
geostationary communications satellite for voice and low data-rate communications. This antenna is
either mounted within the aircrafts tail or under a small,
unobtrusive radome atop the
tail. The Company believes that this product has the leading market share in the high-end corporate
jet market. The Company has also developed a steerable antenna system designed to provide live television to
private jet aircraft from a broadcast satellite. The system includes a mechanically steerable
antenna system, mechanical positioner, and a beam-steering unit to keep the antenna properly
pointed at the satellite during the motion associated with flight. This DBS antenna and the AMT-50
Inmarsat antenna can be mounted together under a single radome (designed and supplied by the
Company) atop a jets tail fin. These products are sold by the Company as part of a full system
provided by Honeywell for delivery of live video service to aircraft.  Aeronautical Terminals EMS has an aeronautical product, called the HSD-128, that provides aircraft operators with
high-speed data capability using the Inmarsat Aeronautical Swift64 and Mobile Packet Data Services.
These services will support data rates of up to 64 kbps per channel (which the HSD-128s
multi-channel capability increases to 128 kbps). These services are heavily used by military and other
governmental command aircraft as well as corporate aircraft. One example is our Viper II terminal,
which can handle 16 simultaneous STU-III calls, and other multi-media video/voice/data applications. The
roll-on/roll-off capability of the Viper II enables this communications platform to be used while
flying enroute and at the command post on the ground. These services also provide economical
airborne access to the business support services typically found in a ground-based office,
including voice, data, e-mail, Internet and corporate Intranet products. The Company has developed
further capability in its new products and can now provide data rates to 256 kbps. 10 of  29




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 GAN (global area network) Terminals With its STORM and Cyclone
global area network portable and vehicle-mounted satellite terminals, EMS
customers can work and keep in touch from remote locations, far from
telephone networks, and can access
corporate networks, manage vital communications for disaster relief and peacekeeping, send
up-to-the-minute broadcast quality audio, pictures and video clips for on-air transmission and
quickly establish secure communications channels in government and defense applications. Depending
on configuration, customers can utilize up to 256 kbps data rates while on the move. The Company
has also added a maritime high-speed terminal to complement its land-mobile and industry-leading
aeronautical products. The maritime terminal delivers clear digital voice communications, as well
as e-mail and Internet capabilities, through Inmarsats global maritime Fleet service.  Satellite Packet Data Terminals EMSs packet-data
terminal provides reliable two-way messaging and location information anywhere
in North America. The PDT-100 terminal features GPS technology and combines what the Company
believes are the fastest response times with the lowest terminal and airtime prices currently
offered in this market. The PDT-100 is commercially available and in use throughout North and
Central America providing tracking and messaging to the transportation industry. The PDT-100 also serves as a valuable tool for the public safety market, offering communications to
police, enforcement officers and other public safety employees who must travel outside of
traditional wireless coverage areas.  Emergency Management Products The Company is a leading provider of the ground-station equipment associated with satellite-based
search-and-rescue systems, including the local-user terminals (LUTs) that process information
received from satellites. Using a low-earth-orbit satellite system, a LUT can determine the
location of the maritime or aviation beacons that transmit distress signals, and display the
results for intervention by emergency authorities. This terminal technology can also be adapted for
routine tracking and management of aviation and maritime fleets. Another LUT model uses satellites in geostationary orbit, which reduces the critical time needed to
detect and identify distress beacon signals. This system is PC-based and can be efficiently managed
through Internet protocols. In addition to satellite ground stations for search-and-rescue, EMS
offers software for incident management and rescue coordination. The Company has also combined new
communications technologies with Web-based geographic information systems and graphical tools. The
Company believes that fast, widespread distribution of graphical data via the Web allows for more
effective coordination of rescue efforts. SatNet Markets SatNet offers ground segment equipment for the satellite broadband communications market in the
broadcast and fixed services sector. Within this market, SatNet targets operators of high-speed,
two-way, multimedia access networks. These operators range in size and scope from niche satellite
service providers providing voice-over-IP telephony services to developing countries, to incumbent
telecommunications companies offering satellite overlay high-speed Internet services to complement
their existing terrestrial networks. SatNet has also become increasingly involved in national
projects in many countries to provide high-speed satellite Internet connections for distance
education and health services. SatNet targets these customers primarily through integrators and
resellers, although SatNet also maintains a direct sales force for unique opportunities. SatNet Products The Company designs and manufactures ground segment equipment for the satellite broadband
communications market. SatNet has two principal product lines  DVB-RCS hubs and terminals.  DVB-RCS hubs 11 of  29




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SatNet offers hub products ranging from stand-alone Return Link Sub-Systems (RLSSs) that are sold
to integrators or operators wishing to integrate into an existing one-way platform, to complete
gateways. These hubs can economically support networks up to many thousands of terminals in size.  DVB-RCS terminals SatNet is currently marketing two families of DVB-RCS terminals  the Series 2000 enterprise
terminal, which is designed to support a full range of features and performance, and the Series
3000 professional/SOHO terminal, which is designed to minimize cost while maintaining DVB-RCS
compliance and performance. SALES AND MARKETING The Companys sales and marketing strategy varies depending upon the segment. Due to the technical
nature of the Companys products, internal personnel with strong engineering backgrounds must
conduct some of these sales efforts. This is particularly true of
the Defense & Space Systems segment.
The Company also utilizes independent marketing representatives, both in the U.S. and
internationally. These individuals are selected for their knowledge of the local markets and their
ability to provide technical support and ongoing, direct contact with the Companys current and
potential customers. In the Defense & Space Systems segment, the development of major business opportunities often involves
significant bid-and-proposal effort; this work can include complex, pre-award engineering to
determine the technical feasibility and cost-effectiveness of various design approaches. Most of
the Companys bid-and-proposal costs are reported in cost of sales, although a portion of these
costs is classified as selling, general and administrative expense. The markets for space and defense electronics comprise a relatively small number of customers,
which are typically well known large corporations. The Companys
Defense & Space Systems marketing
efforts rely on ongoing communications with this base of potential customers, both to determine the
customers future needs and to inform customers of the Companys capabilities and recent
developments. Because the Company can often receive multiple orders from many of these customers,
technical support and service after the sale are also crucial to maintaining a strong relationship. The Companys sales and marketing strategy for its other business segments involves:  1.
    direct sales to end users, and2.
    indirect sales through third parties that often incorporate their products and
services with the Companys hardware for delivery to end-users. Third parties include:  a.
    strategic partners,b.
    value-added resellers,c.
    original equipment manufacturers, andd.
    distributors and sales representatives in approximately 35 countries. Direct sales of LXE systems
are performed by an internal sales team and support staff, by regional
account managers in North America, and by nine international subsidiaries (seven in Europe). For EMS
Wireless, an internal staff and three regional sales offices in North America perform sales and
marketing. For marketing of SATCOM products, the Company relies on its relationships with major
airframe manufacturers, avionics manufacturers, a network of completion centers that install
aeronautical products, and value-added resellers. SatNet sells through strategic partners such as
Alcatel, as well as directly to service providers using an internal staff. 12 of  29




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BACKLOG EMS Wireless, LXE and many SATCOM and SatNet customers typically require short delivery cycles; as
a result, these segments usually convert orders into revenues within a few weeks, and they do not
build up an order backlog that extends substantially beyond one fiscal quarter. However, backlog is
very important in the Defense & Space Systems segment, due to the long-term nature of that business. MATERIALS Materials used in the Companys Defense & Space Systems products consist of magnetic microwave ferrites,
metals such as aluminum and brass, permanent magnet materials and electronic components such as
transistors, diodes, ICs, resistors, capacitors,
microprocessors, and printed circuit boards. Most of the magnetic
microwave ferrite materials are purchased from two suppliers, and permanent magnet materials are
purchased from a limited number of suppliers. Electronic components and metals are available from a
larger number of suppliers and manufacturers. The electronic components and supplies, printed circuit assemblies, and molded parts needed for the
Companys various standard products are generally available from a variety of sources. However, LXE
systems include barcode scanners in almost all orders, and a significant number of the scanners are
purchased from Symbol Technologies, Inc. (Symbol), which is also a competitor of the Company;
however, there are alternative suppliers that manufacture and sell barcode scanners under license
agreements with Symbol. The Company believes that LXEs competitors also rely on scanning equipment
purchased from or licensed by Symbol. In addition, Symbol and the Company have a license agreement,
which allows the Company to utilize Symbols patented integrated scanning technology in certain
products. The Companys advanced technology products often require sophisticated subsystems supplied or
cooperatively developed by third parties having specialized expertise, production skills and
economies of scale. Important examples include critical specialized components and subsystems
required for successful completion of particular Defense & Space Systems programs, and
application-specific integrated circuitry and computers incorporated in LXE products. In such
cases, the performance, reliability and timely delivery of the Companys products can be heavily
dependent on the effectiveness of those third parties. The Company believes that its present sources of required materials are adequate. The Company does
not believe that the loss of any supplier or subassembly manufacturer would have a material adverse
effect on its business. In the past, shortages of supplies and delays in the receipt of necessary
components have not had a material adverse effect on shipments of the Companys products. However
from time to time, the Companys rollout of new standard products or its performance on Defense & Space Systems programs has been affected by quality and scheduling problems with developers/suppliers
of critical subsystems. COMPETITION The Company believes itself to be, in sales, a major independent supplier of (1) satellite
components, subsystems and systems, (2) wireless local-area computer network products for logistics
systems, (3) base station antennas and other wireless infrastructure products for cellular and PCS
mobile networks, (4) aeronautical SATCOM communications systems
for voice, telephony and video, and
(5) satellite networking equipment for two-way broadband connectivity. However, the Companys
markets are highly competitive. Some of the Companys competitors have substantial resources and
facilities that exceed those of the Company, but the Company also competes against smaller,
specialized firms. In the Defense & Space Systems segment, the Company competes with divisions of certain U.S. industrial
concerns, such as Boeing Electron Dynamic Devices, Inc., L3 Communications, Harris Corporation,
Raytheon, M/A-Com, Hieco Corporation, and Titan Corporation, as well as non-U.S. companies such as
COMDEV of Canada, Smiths of the U.K., and Chelton, Ltd of the U.K. Some of these companies, as well
as others, are both potential competitors of the Company for certain contracts and potential
customers on other contracts. Certain major customers could also elect to internally develop and
manufacture the products that they presently purchase from the Company. 13 of  29




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In the LXE market, the Companys principal competitors are Unova, Symbol Technologies (which holds
patents protecting the barcode scanning devices supplied to LXE for incorporation in these
products), and Psion Teklogix. In the EMS Wireless segment, the Company competes with divisions of
certain large U.S. and international companies, including Power Wave, Andrew Corporation and
Alcatel. In the SATCOM market, the Company competes with Honeywell, Thales, Thrane & Thrane,
Qualcomm and TSI. In the SatNet market, the Company competes with EB Nera, Newtec, ViaSat, Gilat
and Hughes Network Systems. The Company believes that the key competitive factors in all of its segments continue to be product
performance, technical expertise and support to customers, and adherence to delivery schedules and
price. RESEARCH AND DEVELOPMENT The Defense & Space Systems segment conducts most of its research and development in direct response to
the unique technical requirements of a customers order, and most of these costs are included with
the overall manufacturing costs for specific orders. The remaining segments conduct substantial
internally funded research and development, and product development activities. EMPLOYEES As of December 31, 2004, the Company and its subsidiaries employed approximately 1,600 persons.
Approximately 64% of the Companys employees are directly involved in engineering or manufacturing
activities. RISK FACTORS The business operations of EMS Technologies, Inc. involve significant risks and uncertainties that
could adversely affect its financial condition, results of operations, and future development, and
those risks and uncertainties could also cause a decline or slow growth in the future market value
of our shares. In addition to the risk of unexpected changes in domestic economic conditions, which
can affect U.S. businesses generally, the risks and uncertainties that may adversely affect us
include the following: Competing technology could be superior to ours, and could cause customer orders and revenues to
decline. The markets in which we compete are very sensitive to technological advances. As a result,
technological developments by competitors can cause our products to be less desirable to customers,
or even to become obsolete. Those developments could cause our customer orders and revenues to
decline. Our competitors marketing and pricing strategies could make their products more attractive than
ours. This could cause reductions in customer orders or profits. We operate in highly competitive technology markets. Our competition may pursue aggressive
marketing strategies, such as significant price discounting. These competitive activities could
cause our customers to purchase our competitors products rather than ours, and reduce our sales
and profit margins below expected levels. If our customers fail to find adequate funding for major potential programs, our sales could
decline. Major communications infrastructure programs, such as proposed satellite communications systems or
PCS/cellular systems for large urban areas, are important sources of our current and anticipated
future revenues. We also participate in a number of large defense programs. Programs of these types
cannot proceed unless the customer can raise adequate funds, from either governmental or private
sources. As a result, our expected revenues can be adversely affected by political developments or
by conditions in private capital markets. Expected revenues can also be adversely affected if
private capital markets are not receptive to a customers proposed business plans. Slow public acceptance of new communications systems could limit purchases by our customers. Construction and expansion of new communications systems depend on public demand for the new
services. As a result, growth rates in our revenues from wireless infrastructure products and
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communications systems are likely to be heavily affected by the timing and extent of public
willingness to buy mobile and/or broadband communications services. If public acceptance of the new
systems does not develop as expected, our customers are unlikely to place the level of orders we
expect, and our revenues and profits would also fall short of expectations. Our sales of wireless
communications products could be affected by public health concerns. Among the factors that could affect the growth of markets for new wireless communications systems
is the potential concern about alleged health risks relating to radio frequency (RF) emissions.
Media reports and some studies have suggested that RF emissions from wireless handsets and cell
sites may be associated with various health problems, including cancer, and may interfere with
electronic medical devices, including hearing aids and pacemakers. In addition, lawsuits have been
filed against participants in the wireless industry alleging various adverse health consequences as
a result of wireless equipment emissions. Additional studies of radio frequency emissions are
ongoing. Consumers may be discouraged from purchasing new wireless services if consumers health
concerns over radio frequency emissions increase. In addition, concerns over RF emissions could
lead government authorities to increase restrictions on the location and operation of
wireless-related hardware, or could result in wireless companies being held liable for costs or
damages associated with these concerns. We can encounter technical problems or contractual uncertainties, which can cause delays, added
costs, lost sales, and liability to customers. Technical difficulties can cause delays and additional costs in our technology development efforts.
We are particularly exposed to this risk in new product development efforts, and in fixed-price
contracts on technically advanced programs in our Defense & Space
Systems divisions that require novel
approaches and solutions. Technical difficulties could cause us to miss expected delivery dates for
new product offerings, which could cause customer orders to fall short of expectations. Our
products may perform mission-critical functions in space applications. If we experience technical
problems and are unable to adhere to a customers schedule, the customer could experience costly
launch delays or re-procurements from other vendors. The customer may then be contractually
entitled to substantial financial damages from us. The customer would also be entitled to cancel
future deliveries, which would reduce our future revenues and could make it impossible for us to
recover our design, tooling or inventory costs, or our remaining commitments to third-party
suppliers. Due to technological uncertainties in new or unproven applications of technology, a contract may be
broadly defined in its early stages, with a structure to accommodate future changes in the scope of
work or contract value as technical development progresses. In such cases, management must evaluate
these contract uncertainties and estimate the future expected levels of scope of work and likely
contract value changes to determine the appropriate level of revenue associated with costs
incurred. Actual changes may vary from expected changes, resulting in a reduction of revenues and
earnings recognized in future periods. Our transitions to new product offerings can be costly and disruptive, and could adversely affect
our revenues or profitability. Because our businesses involve constant efforts to improve existing technology, we regularly
introduce new generations of products. During these transitions, customers may reduce purchases of
older equipment more rapidly than we expect, or may choose not to migrate to our new products,
which can cause lower revenues and excessive inventories. In addition, product transitions create
uncertainty about both production costs and customer acceptance. These potential problems are
generally more severe if our product introduction schedule is delayed by technical development
problems. These problems could cause our revenues or profitability to be less than expected. Our products may
unexpectedly infringe upon third party patents, which could cause us to have
substantial liability to our customers or the patent owners. As we regularly develop and introduce new technology, we have a risk that our new products or
manufacturing techniques infringe on patents held or currently being processed by others. The U.S.
Patent Office does not publish patent applications until 18 months after their initial filing.
Thus, we may be unaware of a pending patent until well after we have introduced an infringing
product. In addition, questions of whether a particular product
infringes on a particular patent can
involve significant uncertainty. As a result of these factors, third-party patents may interfere 15 of  29




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with marketing plans, or may, from time to time, create significant expense to defend or pay
damages on infringement claims or to respond to customer indemnification claims. If our customers are combined through merger or acquisition, their combined purchases of our
products may decline or they may increase their price concession demands, adversely affecting our
sales or profits. The telecommunications service provider industry has undergone, and continues to undergo, a
significant reduction in the number of service providers as a result of mergers of many of the
providers, who typically are purchasers of our products. Similar patterns of consolidation can
also occur among major customers in other industries that we serve. Such business combinations
often are associated with the combined entity reducing the number of suppliers it uses, and
demanding greater price concessions from their suppliers, either directly or by more aggressively
employing competitive bidding procedures such as reverse auctions. Those actions could cause
declines in our revenues and profitability. We may be unable to sell our Space & Technology/Montreal business unit at the price we currently
anticipate. We have been actively seeking a purchaser for our Space & Technology/Montreal business unit, which
is classified as discontinued operations, since 2003. While we believe we have made substantial
progress in identifying and working with potential buyers, we do not have an agreement for its
sale. At such time as we enter into a sales agreement, its terms may be less favorable to the
Company than we currently anticipate, in which case our earnings from
discontinued operations would be reduced by additional
write-offs related to the disposition. We may incur additional losses and cash requirements until we sell our Space & Technology/Montreal
business unit. For as long as we hold Space
& Technology/Montreal, any losses that it incurs will be reflected in our financial
statements, either through discontinued operations or, should we for any reason cease our efforts
to conclude a sale, through continuing operations. Also, the
operations of Space & Technology/Montreal often
result in inconsistent cash collections, and until the unit is sold the funding of any cash
deficits will require us to use our credit facilities, which increases our borrowing costs and
reduces our ability to use cash and credit resources for other purposes. We depend on highly skilled employees, who could become unavailable. Because our products and programs are technically sophisticated, we must attract and retain
employees with advanced technical and program-management skills. Other employers also often recruit
persons with these skills, both generally and in focused engineering fields. If skilled employees
were to become unavailable to us, our performance obligations to our customers could be affected
and our revenues could decline. We depend on highly skilled suppliers, who may become unavailable or fail to achieve desired levels
of technical performance. In addition to our requirements for basic materials and electronic components, our advanced
technological products often require sophisticated subsystems supplied or cooperatively developed
by third parties. To meet those requirements, our suppliers must have specialized expertise,
production skills and economies of scale. Our ability to perform according to contract
requirements, or to introduce new products on the desired schedule, can be heavily dependent on our
ability to identify and engage appropriate suppliers, and on the effectiveness of those suppliers
in meeting our development and delivery objectives. If key suppliers were unavailable when we
needed them, our ability to meet our performance obligations to our customers could be affected and
our revenues and earnings could decline. Changes in government regulations that limit the availability of radio frequency licenses or cause
us to incur increased expenses could cause our revenues or profitability to decline. Many of our products are incorporated into wireless communications systems that are regulated in
the U.S. by the Federal Communications Commission (FCC) and internationally by other government
agencies. Changes in government regulations could reduce the growth potential of our markets by
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availability of frequency spectrum. Changes in government regulations could make the competitive
environment more difficult by restricting our customers efforts to develop or introduce new
technologies and products. Also, changes in government regulations could substantially increase the
difficulty and cost of compliance with government regulations for both our customers and us. All of
these factors could result in reductions in our profits and revenues. The export license process for space products has become uncertain, increasing the chance that we
may not obtain required export licenses in a timely or cost-effective manner. As a result of 1998 legislation, products for use on commercial satellites are included on the U.S.
Munitions List and are subject to State Department licensing requirements. The licensing process is
time-consuming, and political considerations can increase the time and difficulty of obtaining
licenses for export of technically advanced products. The license process may prevent particular
sales, and in general has created schedule uncertainties that are encouraging foreign customers,
such as those in Western Europe, to develop internal or other foreign sources rather than use U.S.
suppliers. If we are unable to obtain required export licenses when we expect them or at the costs
we expect, our revenues and profits could be harmed. Export controls on space technology restrict our ability to hold technical discussions with
customers, suppliers and internal engineering resources, which reduces our ability to obtain sales
from foreign customers or to perform contracts with the desired level of efficiency or
profitability. U.S. export controls severely limit unlicensed technical discussions with any persons who are not
U.S. citizens. As a result, we are restricted in our ability to hold technical discussions between
U.S. personnel and current or prospective non-U.S. customers or suppliers, between Canadian
personnel and current or prospective U.S. customers or suppliers, and between U.S. employees and
non-U.S. (including Canadian) employees. These restrictions reduce our ability to win cross-border
space work, to utilize cross-border supply sources, to deploy technical expertise in the most
effective manner, and to pursue cooperative development programs involving our U.S. and Canadian
space facilities. Economic or political conditions in other countries could cause our revenues or profitability to
decline. International sales significantly affect our financial performance. Almost $100 million in revenues
for fiscal year 2004, or 38% of consolidated revenues, were derived from customers residing outside
of North America. Adverse economic conditions in our customers countries, mainly in Western
Europe, Latin America and the Pacific Rim, have affected us in the past, and could adversely affect
future international revenues in all of our businesses, especially from our wireless local-area
network and PCS/cellular infrastructure businesses. Unfavorable currency exchange rate movements
can adversely affect the marketability of our products by increasing the local-currency cost. In
addition to these economic factors directly related to our markets, there are risks and
uncertainties inherent in doing business internationally that could have an adverse effect on us,
such as potential adverse effects from changes in foreign income tax laws, as well as unfavorable
changes in laws and regulations governing a broad range of business concerns, including proprietary
rights, legal liability and employee relations. All of these factors could cause significant harm
to our revenues or profitability. Research incentives from the Canadian government are subject to financial and scientific audits,
and could be disallowed. Research incentives from the Canadian government are subject to financial and scientific audits by
the Canadian government concerning whether certain expenses qualify for incentive programs.
Historically, these audits have not resulted in disallowances that had a material effect on the
benefits recognized in the financial statements. However, a significant level of disallowances in
the future could have an unfavorable effect on our statement of operations. Unfavorable currency exchange rate movements could result in foreign exchange losses and cause our
profitability to decline. We have international operations, and we can use forward currency contracts to reduce  but not
entirely eliminate  the earnings risk from holding certain assets and liabilities in different
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division derives a major portion of its sales from agreements with U.S. customers in U.S. dollars,
- a stronger Canadian dollar increases our costs relative to our U.S. revenues and we are
unlikely to recover these increased costs through higher U.S. dollar prices due to competitive
conditions. As a result of these factors, our financial results will continue to have an element of
risk related to foreign exchange. The level and profitability of our sales in certain markets depend on the availability and
performance of other companies with which we have marketing relationships. In some applications, including mobile satellite communications, we are seeking to develop
marketing relationships with other companies that have, for example, specialized software and
established customer service systems. In other markets, such as wireless local-area networks, a
major element of our distribution channels is a network of value-added retailers and independent
distributors. If we are unable to identify and structure effective relationships with other
companies that are able to market our products, our revenues could fail to grow in the ways we
expect. Customer orders in backlog may not result in sales. Our order backlog represents firm orders for products and services. However, our customers may
cancel or defer orders for wireless products, in most cases without penalty. Cancellation or
deferral of an order in our Defense & Space
Systems business typically involves penalties and
termination charges for costs incurred to date, but these termination penalties would still be
considerably less than what we would have expected to earn if the order could have been completed.
We make management decisions based on our backlog, including hiring of personnel, purchasing of
materials, and other matters that may increase our production capabilities and costs.
Cancellations, delays or reductions of orders could adversely affect our results of operations and
financial condition. Our business and revenue growth could be limited by our inability to obtain additional financing. Our current cash and available credit facilities are not large enough to finance either potential
growth in certain business areas, or synergistic acquisitions to complement our technical and
product capabilities. We may not be able to secure sufficient additional credit or other financing,
on acceptable terms, to support our growth objectives. We may not effectively manage possible future growth, which could result in reduced earnings. Historically, we have experienced broad fluctuations in demand for our products and services. These
changes in demand have depended on many factors and have been difficult to predict. In recent
years, there has been a general growth trend in certain of our businesses, as well as increasing
complexity in the technologies and applications involved. These changes in our businesses place
significant demands on both our management personnel and our management systems for information,
planning and control. If we are to achieve further strong growth on a profitable basis, our
management must identify and exploit potential market opportunities for our products and
technologies, while continuing to manage our current businesses effectively. Furthermore, our
management systems must support the changes to our operations resulting from our business growth.
If our management and management systems fail to meet these challenges our business and prospects
will be adversely affected. We may make acquisitions and investments that could adversely affect our business. To support growth, we may continue in the future to make acquisitions of and investments in
businesses, products and technologies that could complement or expand our businesses. However, if
we should be unable to successfully negotiate with a potential acquisition candidate, finance the
acquisition, or effectively integrate the acquired businesses, products or technologies into our
existing business and products, we could be adversely affected. Furthermore, to complete future
acquisitions, we may issue equity securities, incur debt, assume contingent liabilities, or have
amortization expenses and write-downs of acquired assets, which could cause our earnings per share
to decline. *********************** 18 of  29




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In addition to risks and uncertainties related to our operations, there are investment risks that
could adversely affect the return to an investor in our common stock, and also could adversely
affect our ability to raise capital for financing future operations. Our quarterly results are volatile and difficult to predict. If our quarterly performance results
fall short of market expectations, the market value of our shares are likely to decline. The quarterly earnings contributions of some of our segments are heavily dependent on customer
orders or product shipments in the final weeks or days of the quarter. This can create volatility
in quarterly results, and hinders our ability to determine in advance whether quarterly earnings
will meet prevailing analyst expectations. The market price for our shares is likely to be
adversely affected by quarterly earnings results that are below analyst and market expectations. Changes in our consolidated effective income tax rate and the related effect on our results can be
difficult to predict far in advance. We earn taxable income in various tax jurisdictions around the world. The rate of income tax that
we pay in each jurisdiction can vary significantly, due to differing income tax rates and benefits
that may be available in some jurisdictions and not in others. In particular, our earnings in
Canada are subject to very low income taxes due to the substantial pool of research-related tax
incentives that we have accumulated. As a result, our overall effective income tax rate depends
upon the relative annual income that we expect to earn in each of the tax jurisdictions where we do
business. Our expectations for consolidated earnings before taxes could remain unchanged, but
income tax expense and net earnings could still increase or decrease, depending upon changes in
where we expect to earn income. Our share price may fluctuate significantly, and an investor may not be able to sell our shares at
a price that would yield a favorable return on investment. The market price of our stock will fluctuate in the future, and such fluctuations could be
substantial. Price fluctuations may occur in response to a variety of factors, including:  1.
    actual or anticipated operating results,2.
    announcements of technological innovations, new products or new contracts by us, our
customers, our competitors or our customers competitors,3.
    government regulatory action,4.
    developments with respect to wireless and satellite communications, and5.
    general market conditions. In addition, the stock market has from time to time experienced significant price and volume
fluctuations that have particularly affected the market prices for the stocks of technology
companies, and that have been unrelated to the operating performance of particular companies. Future sales of our common stock may cause our stock price to decline. Our outstanding shares are freely tradable without restriction or further registration, and shares
reserved for issuance upon exercise of stock options will also be freely tradable upon issuance.
Sales of substantial amounts of common stock by our shareholders, including those who have acquired
a significant number of shares in connection with business acquisitions or private investments, or
even the potential for such sales, may depress the market price of our common stock and could
impair our ability to raise capital through the sale of our equity securities. 19 of  29




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FORWARD-LOOKING STATEMENTS The discussions of the Companys business in this Report, and in other public documents or
statements that may from time to time incorporate or refer to these disclosures, contain various
statements that are or may be deemed to be forward-looking. Forward-looking statements include, but
are not limited to:  1.
    statements about what the Company or management believes or expects,2.
    statements about anticipated technological developments or anticipated market
response to or impact of current or future technological developments or product
offerings,3.
    statements about trends in markets that are served or pursued by the Company,4.
    statements implying that the Companys technology or products are well suited for
particular emerging markets, and5.
    statements about the Companys plans for product developments or market initiatives. These forward-looking statements may differ materially from actual results due to the variety of
risks and uncertainties that affect the Company, including those set forth under the foregoing
Risk Factors heading. EXECUTIVE OFFICERS OF THE REGISTRANT Information concerning the executive officers of the Company is set forth below: Alfred G. Hansen, age 71, became President and Chief Executive Officer in January 2001. Mr. Hansen
joined the Company as President and Chief Operating Officer in January 2000. He became a Director
in 1999. From 1998 through 1999, Mr. Hansen was President of A.G. Hansen Associates, Inc.,
Marietta, Georgia, an aerospace marketing and manufacturing consultant. From 1995 to 1998, Mr.
Hansen served as Executive Vice President of Lockheed Martin Aeronautical Systems, with broad
operational responsibilities for its aerospace business, and as a Vice President of its parent
company, Lockheed Martin Corporation. Mr. Hansen retired from the U.S. Air Force in 1989 as a
four-star general, serving in his last assignment as commander of the Air Force Logistics Command. Don T. Scartz, age 62, was elected Executive Vice President of the Company in February 2003, and is
also Chief Financial Officer (since 1995) and Treasurer (since 1981). He served as Senior Vice
President since 1995, as Vice President-Finance from 1981 to 1995, and as Secretary from 1982 to
1991. He joined the Company as Controller in 1978. He also serves as the Chief Financial Officer of
each of the Companys operating subsidiaries. He served as Director of the Company from 1995 to
2003. William S. Jacobs, age 59, became General Counsel and Secretary of the Company in 1992, and Vice
President in 1993. He is also responsible for the legal affairs of the operating subsidiaries.
Previously, he was engaged in the private practice of law, and in such capacity had served as the
Companys principal corporate legal counsel since 1982. James S. Childress, age 60, was appointed as a Vice President of the Company, and as President and
General Manager of the LXE subsidiary, in 2001. He joined the Company in August 2000 as Vice
President of Business Development at LXE. Prior to joining EMS, he served as Vice President of EG&G
Technical Services, Inc., a leading provider of technical and support services to the U.S.
Departments of Defense, Energy, Transportation, Treasury, Justice and Commerce, and to the National
Aeronautics and Space Administration. He joined EG&G in 1998 following a career in the U.S. Air
Force focused on logistics and systems acquisition. In the Air Force, he attained the rank of major
general, and last served as commander of the San Antonio Air Logistics Center. Jay R. Grove, age 42, is a Vice President of the Company, and Senior Vice President and General
Manager of the Defense & Space
Systems/Atlanta Division. He accepted this position upon joining the
Company in January 2001. Formerly, he was Director of Mobile SATCOM Systems for ViaSat, Inc., a
California-based provider of advanced satellite communications, defense electronics, and wireless
signal-processing equipment. Prior to his tenure at 20 of  29




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ViaSat, Mr. Grove contributed in management, marketing, and system engineering roles for defense
electronics applications at Lockheed-Martin in Nashua, NH and TRW, Inc. in San Diego, CA. Alan L. Haase, age 44, is Vice President of the Company, and Senior Vice President and General
Manager, Space & Technology/Montreal (since 2003). Previously, he served as President (2000-2003),
Chief Executive Officer (2000-2003) and Chief Strategy Officer (2002-2003) of SkyCross, Inc., a
Melbourne, FL-based designer and manufacturer of antennas and other RF equipment for wireless
telecommunications products. From 1998 until 2000, Mr. Haase was a senior officer at Andrew
Corporation, a major manufacturer of radio and microwave transmission equipment, serving as Vice
President of its Terrestrial Microwave Systems unit and also as Group President  Communications
Products. T. Gerald Hickman, age 64, is a Vice President of the Company, and Senior Vice President and
General Manager, EMS Wireless (since March 2000). He joined the Company in 1988 as Vice President,
Marketing, and prior to his current position was a Vice President in the Companys EMS Wireless
division. Neilson A. Mackay, age 64, is a Vice President of the Company, and Senior Vice President and
General Manager, SATCOM Products (since 2001). He joined the Company in January 1993, when the
Company acquired an Ottawa, Ontario-based space satellite communications business of which he was
serving as President. Donald F. Osborne, age 45, is a Vice President of the Company, Senior Vice President and General
Manager for the SatNet division. Prior to that position, he served as Senior Vice President and
General Manager of the Space & Technology/Montreal operations. He joined the Company in January
1999, when the Company acquired the Spar Satellite Products business, where Mr. Osborne had been
Vice President, Marketing since 1986. Mr. Osborne joined Spar in 1983 as a mechanical engineer. *********************** Additional information for
Item 1 will be filed at a later date pursuant to Rule 12b-25. 
 ITEM 2. Properties The Companys corporate headquarters and its Georgia operations are located in two buildings owned
by the Company (comprising 250,000 square feet of floor space on 21 acres), as well as in 136,000
square feet of leased office space (leases to expire in 2005, 2006 and 2009) in three other
buildings, all located in or near Technology Park, Norcross, Georgia, a suburb of Atlanta. The
combined Georgia facilities comprise clean rooms, a microelectronics laboratory, materials storage
and control areas, assembly and test areas, offices, engineering laboratories, a ferrites
laboratory, drafting and design facilities, a machine shop, a metals finishing facility and
painting facilities. The Companys Canadian divisions lease approximately 69,000 square feet of office and manufacturing
space, primarily for SATCOMs operations, located in Ottawa, Ontario (lease expiring in 2007), and
33,000 square feet of office and manufacturing space for SatNet operations located in Montreal
(lease expiring in 2009). The Companys assets held for sale include a 330,000 square-foot facility
surrounded by 7 acres of undeveloped land in a suburb of Montreal, which houses the Space &
Technology/Montreal division. One-fourth of this facility comprises manufacturing, assembly and
laboratory space, including advanced near-field and far-field test range areas and a subsystem and
payload integration area. Three-fourths of the facility is used for engineering and administrative
office space. The facilitys location in the province of Quebec affords it significant tax
incentives and credits sponsored by the provincial government. The Companys EMS Wireless division leases an 11,000 square-foot manufacturing facility in
Curitiba, Brazil, from its local industrial partner (a manufacturer of antenna towers for wireless
telecommunications). The lease is annually renewable, and management expects to continue the lease
on terms comparable to those of the current lease. The Company has leased several small sites in the U.S., U.K., Europe and Australia for LXE sales
offices and a SATCOM engineering facility. If any of these leases were terminated, the Company
believes that it could arrange for comparable replacement facilities on favorable terms. 
 ITEM 3. Legal Proceedings 21 of  29




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The Company is party to litigation styled Andrew Corporation (Andrew) v. EMS Technologies,
Inc. initiated in the U.S District Court for the Northern District of Illinois on May 25, 2004,
alleging that EMS Wirelesss new remotely controlled electronic-downtilt base station antennas
infringe on patent rights held by Andrew, and seeking an injunction against manufacture or sale of
the allegedly infringing devices, and damages in an unspecified amount. Andrew alleges EMS Wireless
has committed willful infringement and thus additionally asks for
damages to be enhanced and for an
award of attorneys fees. We have devoted substantial resources to studying the Andrew patents as
they might apply to our products. We believe that our products do not infringe any valid or
enforceable Andrew patent claims. In response to Andrews complaint, we have answered and asserted
defenses of invalidity and noninfringement. Additionally, EMS Wireless has asked the U.S. Patent
Office to reexamine at least one of the patents at issue. The parties have collectively requested
the Court to stay further proceedings while settlement discussions are underway. Although we are
confident of our legal position, we cannot assure the outcome of this litigation. If the patents
were successfully enforced against our products, we could be subject to payment of substantial
damages and an injunction against further distribution of what we consider to be an important
product for our future EMS Wireless sales. 
 ITEM 4. Submission of Matters to a Vote of Security Holders None. 
 PART II 
 ITEM 5. Market for Registrants Common Equity and Related Stockholder Matters The common stock of EMS Technologies, Inc. is traded in the over-the-counter market (NASDAQ symbol
ELMG). At March 10, 2005, there were approximately 500 shareholders of record, and the Company
believes that there were approximately 3,600 beneficial shareholders, based upon broker requests
for distribution of Annual Meeting materials. The price range of the stock is shown below: 2004 Price Range
    
    
    2003 Price RangeHigh
    
    
    Low
    
    
    High
    
    
    LowFirst Quarter
    
    $
    26.31
    
    
    $
    16.47
    
    
    $
    18.39
    
    
    
    11.30Second Quarter
    
    
    23.25
    
    
    
    17.50
    
    
    
    15.03
    
    
    
    10.00Third Quarter
    
    
    19.81
    
    
    
    13.84
    
    
    
    19.24
    
    
    
    12.96Fourth Quarter
    
    
    18.59
    
    
    
    14.86
    
    
    
    22.64
    
    
    
    16.86
 The Company has never paid a cash dividend with respect to shares of its common stock, and has
retained its earnings to provide cash for the operation and expansion of its business. Future
dividends, if any, will be determined by the Board of Directors in light of the circumstances then
existing, including the Companys earnings and financial requirements and general business
conditions. 
 ITEM 6. Selected Financial Data This Item will be filed at a later date pursuant to Rule 12b-25. 
 ITEM 7. Managements Discussion and Analysis of Financial Condition and Results of Operations 22 of  29




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This Item will be filed at a later date pursuant to Rule 12b-25. 
 ITEM 7a. Quantitative and Qualitative Disclosures about Market Risk This Item will be filed at a later date pursuant to Rule 12b-25. 
 ITEM 8. Financial Statements and Supplementary Data 23 of  29




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This Item will be filed at a later date pursuant to Rule 12b-25. 
 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure This Item will be filed at a later date pursuant to Rule 12b-25. 
 ITEM 9A. Controls and Procedures The Company has established and maintains disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14). The objective of these controls and procedures is to ensure
that information relating to the Company, including its consolidated subsidiaries, and required to
be filed by it in reports under the Securities Exchange Act, as amended, is effectively
communicated to the Companys CEO and CFO, and is recorded, processed, summarized and reported on a
timely basis. Additional information for
this Item will be filed at a later date pursuant to Rule 12b-25. 
 PART III 
 ITEM 10. Directors and Executive Officers of the Registrant The information concerning directors and the Audit Committee financial experts called for by this
Item will be contained in the Companys definitive Proxy Statement for its 2005 Annual Meeting of
Shareholders and is incorporated herein by reference. We have a written Code of Business Ethics and Conduct that applies to our directors and to all of
our employees, including our Chief Executive and Chief Financial Officers. Our Code of Business
Ethics and Conduct has been distributed to all employees, is available free of charge on our
website at www.ems-t.com, under the link for Investor Relations, and is included as
Exhibit 14 to this Report. The information concerning executive officers called for by this Item is set forth under the
caption Executive Officers of the Registrant in Item 1 hereof. 
 ITEM 11. Executive Compensation The information called for by this Item will be contained in the Companys definitive Proxy
Statement for its 2005 Annual Meeting of Shareholders and is incorporated herein by reference. 
 ITEM 12. Security Ownership of Certain Beneficial Owners and Management The following table sets forth certain information about the Companys equity compensation plans as
of December 31, 2004: (c)(a)
    
    
    
    
    
    
    Number of securitiesNumber of securities
    
    
    (b)
    
    
    remaining available forto be issued upon
    
    
    Weighted average
    
    
    future issuance underexercise of
    
    
    exercise price of
    
    
    equity compensation plansoutstanding options,
    
    
    outstanding options,
    
    
    (excluding securitiesPlan Category
    
    warrants and rights
    
    
    warrants and rights
    
    
    reflected in column(a))Equity compensation plans approved
by security holders
    
    
    1,033,188
    
    
    $
    16.48
    
    
    
    413,659Equity compensation plans not approved
by security holders
    
    
    526,350
    
    
    $
    18.26
    
    
    
    79,912Total
    
    
    1,559,538
    
    
    $
    17.08
    
    
    
    493,571
 All other information called for by this Item will be contained in the Companys definitive Proxy
Statement for its 2005 Annual Meeting of Shareholders and is incorporated herein by reference. 24 of  29




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ITEM 13. Certain Relationships and Related Transactions The information called for by this Item will be contained in the Companys definitive Proxy
Statement for its 2005 Annual Meeting of Shareholders and is incorporated herein by reference. 
 ITEM 14. Principal Accountant Fees and Services Information on the Audit Committees pre-approval policy for audit services, and information on the
principal accountants fees and services called for by this Item will be contained in the Companys
definitive Proxy Statement for its 2005 Annual Meeting of Shareholders and is incorporated herein
by reference. 
 PART IV 
 ITEM 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K (a) 1. Financial Statements  To be filed at a later date pursuant to Rule 12b-25. (a) 2. Financial Statement Schedules Independent Auditors Report Schedule II. Valuation and Qualifying Accounts  Years ended December 31, 2004, 2003 and 2002. The foregoing material will be filed at a later date pursuant to Rule 12b-25. (a) 3. Exhibits The following exhibits are filed as part of this report: 3.1 Second Amended and Restated Articles of Incorporation of EMS Technologies, Inc., effective
March 22, 1999 (incorporated by reference to Exhibit 3.1 to the Companys Quarterly Report on Form
10-Q for the quarter ended April 3, 2004). 3.2 Bylaws of EMS Technologies, Inc., as amended through March 15, 1999 (incorporated by reference
to Exhibit 3.2 to the Companys Quarterly Report on Form 10-Q for the quarter ended April 3, 2004). 4.1 EMS Technologies, Inc. Stockholder Rights Plan dated as of April 6, 1999. * 4.2 Agreement with respect to long-term debt pursuant to Item 601(b)(4)(iii)(A) (incorporated by
reference to Exhibit 4.2 to the Companys Annual Report on Form 10-K for the year ended December
31, 2000). 4.3 U.S. Revolving Credit Agreement, dated as of December 10, 2004, among the Company, the lenders
from time to time party thereto, and SunTrust Bank as Administrative Agent. * 4.4 Security Agreement, dated
as of December 10, 2004, by the Company and certain of its
subsidiaries, in favor of SunTrust Bank as Collateral Agent. * 4.5 Pledge Agreement, dated as of December 10, 2004, by the Company and certain of its domestic
subsidiaries in favour of Bank of America, National Association (Canada Branch) as Canadian
Collateral Agent. * 4.6 Form of Note issued by the Company in favor of the lenders under the U.S. Revolving Credit
Agreement. * 4.7 Amendment No. 1, dated February 11, 2005, to U.S. Revolving Credit Agreement. * 25 of  29




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4.8 Canadian Revolving Credit Agreement, dated as of December 10, 2004, among EMS Technologies
Canada, Ltd., the Company, the lenders from time to time party thereto, and Bank of America,
National Association (Canada Branch) as Canadian Administrative Agent and Funding Agent. * 4.9 Canadian Security Agreement, dated as of December 10, 2004, by EMS Technologies Canada, Ltd.,
in favour of Bank of America, National Association (Canada Branch) as Canadian Collateral Agent. * 5.0 Deed of Movable Hypothec, dated as of December 10, 2004, by EMS Technologies Canada, Ltd., in
favour of Bank of America, National Association (Canada Branch) as Canadian Collateral Agent. * 5.1 Canadian Intellectual Property Security Agreement, dated as of December 10, 2004, by EMS
Technologies Canada, Ltd., in favour of Bank of America, National Association (Canada Branch) as
Canadian Collateral Agent. * 5.2 Pledge Agreement, dated as of December 10, 2004, by the Company and certain of its
subsidiaries, in favor of SunTrust Bank as Collateral Agent. * 5.3 Trademark Security
Agreement, dated as of December 10, 2004, by the Company and one of its
domestic subsidiaries in favour of Bank of America, National Association (Canada Branch) as
Canadian Collateral Agent. * 5.4 Patent Security
Agreement, dated as of December 10, 2004, by the Company and one of its domestic
subsidiaries in favour of Bank of America, National Association (Canada Branch) as Canadian
Collateral Agent. * 5.5 Form of Note issued by
the Company in favour of the lenders under the Canadian Revolving Credit
Agreement. * 5.6 Amendment No. 1, dated February 11, 2005, to Canadian Revolving Credit Agreement. * 10.1 Letter dated January 17, 2000 between the Company and Alfred G. Hansen concerning the terms of
his employment as President and Chief Operating Officer (incorporated by reference to Exhibit 10.7
to the Companys Annual Report on Form 10-K for the year ended December 31, 1999). 10.2 Form of Agreement between the Company and each of its executive officers, related to certain
change-of-control events (incorporated by reference to Exhibit 10.1 to the Companys Quarterly
Report on Form 10-Q for the quarter ended September 29, 2001). 10.3 EMS Technologies, Inc. Deferred Compensation Plan for Non-Employee Directors, effective
October 1, 2003 (incorporated by reference to Exhibit 10.3 to the Companys Annual Report on Form
10-K for the year ended December 31, 2003). 10.4 EMS Technologies, Inc. Officers Deferred Compensation Plan, effective November 13, 2003
(incorporated by reference to Exhibit 10.4 to the Companys Annual Report on Form 10-K for the year
ended December 31, 2003). 10.5 EMS Technologies, Inc. 1992 Stock Incentive Plan as amended through October 3, 1996
(incorporated by reference to Exhibit 10.11 to the Companys Registration Statement No. 333-14235
on Form S-4). 10.6 Amendments adopted May 2, 1997, to the EMS Technologies, Inc. 1992 Stock Incentive Plan
(incorporated by reference to Exhibit 10.6 to the Companys Annual Report on Form 10-K for the year
ended December 31, 2003). 10.7 EMS Technologies, Inc. 1997 Stock Incentive Plan, as adopted January 24, 1997, and amended
through May 10, 2004 (incorporated by reference to Exhibit 10.1 to the Companys Quarterly Report
on Form 10-Q for the quarter ended July 3, 2004). 10.8 Form of Stock Option Agreement evidencing options granted prior to 2001 to executive officers
under the EMS Technologies, Inc. 1997 Stock Incentive Plan (incorporated by reference to Exhibit
10.8 to the Companys Annual Report on Form 10-K for the year ended December 31, 2003). 26 of  29




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10.9 Form of Stock Option Agreement evidencing options granted after 2000 to executive officers
under the EMS Technologies, Inc. 1997 Stock Incentive Plan, together with related Terms of Officer
Stock Option, Form 1/25/01 (incorporated by reference to Exhibit 10.12 to the Companys Annual
Report on Form 10-K for the year ended December 31, 2000). 10.10 Form of Stock Option Agreement evidencing options granted automatically to non-employee
members of the Board of Directors upon their initial election to the Board, under the EMS
Technologies, Inc. 1997 Stock Incentive Plan (incorporated by reference to Exhibit 10.15 to the
Companys Annual Report on Form 10-K for the year ended December 31, 1999). 10.11 Form of Stock Option Agreement evidencing options granted automatically to non-employee
members of the Board of Directors, upon each election to an additional one-year term of service,
under the EMS Technologies, Inc. 1997 Stock Incentive Plan (incorporated by reference to Exhibit
10.16 to the Companys Annual Report on Form 10-K for the year ended December 31, 1999). 10.12 Form of Stock Option Agreement evidencing options granted to executive officers under EMS
Technologies, Inc. 1992 Stock Incentive Plan (incorporated by reference to Exhibit 10.12 to the
Companys Annual Report on Form 10-K for the year ended December 31, 2003). 10.13 Form of Stock Option Agreement evidencing options granted automatically under the 1992 Stock
Incentive Plan, on a one-time basis and prior to 1998, to non-employee members of the Board of
Directors (incorporated by reference to Exhibit 10.17 to the Companys Annual Report on Form 10-K
for the year ended December 31, 2000). 10.14 Stock Option Agreement dated January 7, 2000, evidencing options granted to Alfred G. Hansen
(incorporated by reference to Exhibit 10.22 to the Companys Annual Report on Form 10-K for the
year ended December 31, 1999). 10.15 EMS Technologies, Inc. Executive Annual Incentive Compensation Plan, as amended through April
30, 1999. * 10.16 Form of Indemnification Agreement between the Company and each of its directors (incorporated
by reference to Exhibit 10.16 to the Companys Annual Report on Form 10-K for the year ended
December 31, 2003). 10.17 Form of Indemnification Agreement between the Company and, each of Don T. Scartz and William
S. Jacobs (incorporated by reference to Exhibit 10.17 to the Companys Annual Report on Form 10-K
for the year ended December 31, 2003). 10.18 Form of Split-Dollar Insurance Plan, dated as of June 29, 1988 between the Company and Don T. Scartz
(incorporated by reference to Exhibit 10.18 to the Companys Annual Report on Form 10-K for the
year ended December 31, 2003). 10.19 Form of Split-Dollar Life Insurance agreement effective January 1, 1993, between the Company
and William S. Jacobs. * 14 EMS Technologies, Inc. Code of Business Ethics and Conduct, as revised February 6, 2004
(incorporated by reference to Exhibit 14 to the Companys Annual Report on Form 10-K for the year
ended December 31, 2003). 21.1 Subsidiaries of the registrant. * * Filed herewith Additional exhibits will be filed at a later date pursuant to Rule 12b-25. 27 of  29




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(b) Reports on Form 8-K. The following reports on Form 8-K were filed by the Company during the quarter ended December 31,
2004. October 21, 2004, reporting under Item 2, Results of Operations and Financial Condition
October 28, 2004, reporting under Item 2, Results of Operations and Financial Condition
December 17, 2004, reporting under Item 2, Creation of a Direct Financial Obligation 28 of  29




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SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized. EMS TECHNOLOGIES, INC.By: /s/ Alfred G. Hansen
    
    Date: 3/14/05President and Chief Executive Officer
 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed
below by the following persons on behalf of the Registrant and in the capacities and on the dates
indicated. Signature
    
    Title
    
    Date/s/ Alfred G. Hansen

Alfred G. Hansen
    
    President and Chief Executive Officer, and Director
(Principal Executive Officer)
    
    3/14/05/s/ Don T. Scartz

Don T. Scartz
    
    Executive Vice President, Chief Financial Officer,
and Treasurer (Principal Financial and Accounting
Officer)
    
    3/14/05/s/ Hermann Buerger

Hermann Buerger
    
    Director
    
    3/14/05/s/ John R. Kreick

John R. Kreick
    
    Director
    
    3/14/05/s/ John B. Mowell

John B. Mowell
    
    Director, Chairman of the Board
    
    3/14/05/s/ Norman E. Thagard

Norman E. Thagard
    
    Director
    
    3/14/05/s/ John L. Woodward, Jr.

John L. Woodward, Jr.
    
    Director
    
    3/14/05
 29 of  29